Norges Bank Invests $22.56 Million in RLI Corp (RLI) Stock
Norges Bank purchased a new stake in shares of RLI Corp (NYSE:RLI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 326,992 shares of the insurance provider’s stock, valued at approximately $22,559,000.
A number of other hedge funds have also recently bought and sold shares of the business. Amalgamated Bank grew its position in RLI by 90.4% during the fourth quarter. Amalgamated Bank now owns 6,049 shares of the insurance provider’s stock valued at $417,000 after acquiring an additional 2,872 shares during the period. Millennium Management LLC purchased a new stake in RLI during the fourth quarter valued at about $678,000. Legal & General Group Plc grew its position in RLI by 1.6% during the fourth quarter. Legal & General Group Plc now owns 104,142 shares of the insurance provider’s stock valued at $7,164,000 after acquiring an additional 1,609 shares during the period. Thrivent Financial for Lutherans grew its position in RLI by 3.9% during the fourth quarter. Thrivent Financial for Lutherans now owns 27,515 shares of the insurance provider’s stock valued at $1,898,000 after acquiring an additional 1,038 shares during the period. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in RLI during the fourth quarter valued at about $779,000. 89.29% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on RLI. TheStreet upgraded RLI from a “c” rating to an “a-” rating in a research note on Thursday, April 18th. Zacks Investment Research cut RLI from a “buy” rating to a “sell” rating in a research note on Monday, April 15th. Finally, Compass Point began coverage on RLI in a research note on Tuesday, January 15th. They set a “sell” rating and a $48.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $63.50.
Shares of RLI opened at $78.67 on Tuesday. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 38.38 and a beta of 0.93. RLI Corp has a 12 month low of $62.30 and a 12 month high of $79.98. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.37 and a current ratio of 0.37.
RLI (NYSE:RLI) last issued its quarterly earnings data on Wednesday, April 17th. The insurance provider reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.12. The company had revenue of $221.25 million for the quarter. RLI had a return on equity of 11.36% and a net margin of 13.11%. As a group, equities research analysts predict that RLI Corp will post 2.23 earnings per share for the current fiscal year.
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RLI Corp., an insurance holding company, underwrites property and casualty insurance in the United States and internationally. Its Casualty segment provides commercial and personal coverage products; and general liability products, such as coverage for third-party liability of commercial insureds, including manufacturers, contractors, apartments, and mercantile.
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